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Copper chart - Trading View
Copper was trading 0.11% lower on the day at 2.344 at around 04:45 GMT.
Upside in the pair was capped at 55-EMA which is offering stiff resistance at 2.377.
A 'Spinning Top' formation on the daily candle on Monday suggests consolidation for the pair.
Intraday charts hold scope for upside as price action is above 200H MA and GMMA shows bullishness on the hourly charts.
Price action has edged higher from session lows at 2.327, holds support at 5-DMA.
The pair is extending trade in rising channel pattern and break above 55-EMA will see test of channel top at 2.435.
Failure at 55-EMA and retrace below cloud will negate upside bias.
Support levels - 2.328 (5-DMA), 2.302 (21-EMA)
Resistance levels - 2.377 (55-EMA), 2.435 (Channel top)
